FQ预览：5月预测将有更多SNOW

iQprofile s" SnowflakeiQmethod '"- Bus Performance* Software Snowflake (NYSE: SNOW) provides a cloud data warehouse platform with multi-cloud interoperability and unifiedworkloads spanning Data Warehouse, Data Engineering.Data Science/ML, Data Application and Sharing, andCybersecurity. Snowflake was founded in 2012 by BenoitDageville and Thierry Cruanes and is headquartered inBozeman, Montana. We rate SNOw Buy. Snowflake possesses compeling competitive advantages, including 1) data warehouse firstmover in the cloud, 2) native interoperability with the majorpublic clouds, 3) ability to run multiple workloads, such asdata warehouse, data engineering/data science and datasharing, 4) large installed base of enterprise customers and5) traction in the Al Software market. Session on 6/2Snowflake is hosting its annual customer conference Summit in San Francisco the week after its earnings print. At the event, its management is hosting an investor session onTuesday 6/2. At the event, we expect: (1) new product and feature announcements, (2)potentially new or expanding partnerships with technology vendors and global systemintegrators, and (3) how Snowflake is a long-term beneficiary in the Al future. With the event so close to its earnings print the week before, we do not expect to hear any financial updates, like last year. We expect to hear a lot on its long-term vision andproduct strategy from the CEO Sridhar Ramaswamy and EVP of Product ChristianKleinerman.We also expect to hear from the new Chief Revenue Officer Jon Beaulier onthe go-to-market vision and key focus growth areas. CFO Brian Robins should be inattendance, but think questions directed at him will be relatively light unless there issome sort of issue with the F1Q earnings print, which we do not expect. Web traffic analysis increases ourconfidence in Product rev upside potentialWe are incrementally positive heading into the F1Q print that Product revenue will exceed BofA/Street estimates based on our proprietary analysis based on web trafficdata. Below, we use webpage visit data and historical beat trends to analyze out whereF1Q Product revenue and growth could shake out. Web traffic data implyingF1QProduct revenue should beat StreetWe track webpage visits and engaged visits for Snowflake via Similarweb. Directionally, we believe growth in these metrics correlate to Snowflake revenue growth as totaloverthelast12quarters. RegressionanalysissuggestsProduct revenuecouldbe$1,310mnUsing the last 12-quarter regression line between net-new Product revenue (y) and quarterly total webpage views (x) of y=3,030x + 4,595, and 29.2mn total pages views inF1Q27 implies Product revenue of $1,310mn or +31.5% y/y growth, which is anacceleration from 30.0% in F4Q26. In this scenario, net-new product revenue would be$83.9mn, which is +56.7% y/y growth and +22.9% q/q growth. This result would alsoimply a 3.6% beat magnitude from the midpoint of guidance, which is better than the2.4% last quarter. This could be a catalyst, and suggests there may be upside potentialto ourF1Q27 Product revenue forecast of $1,265mn (+26.9% y/y). Product revenue, net-new Product revenue, and quarterly total webpage visits, F1Q24 to F1Q26. The regression analysis output has been within a -1% to 2.5% rangefrom the actual result with a 0.4% average upside over the past nine quarters. Below we display total page views and engaged visits webmarketaccessthroughthedata Exhibit 2: April 2026 SNOW total page views were 10mn, +20.1% y/y and down 4.7% m/m, compared to +37.2% y/y and +20.6% q/q in March 2026SNOW page views and growth, Apr'25 to Apr'26 SNOW engaged visits and growth, Apr'25 to Apr'26 SNOW engaged visits and growth, Apr'25 to Apr 26 from +37.2% in MarchSNOW total page views and y/y growth, Apr'22 to Apr'26 +44.1% in MarchSNOW engaged visits and y/y growth, Apr'22 to Apr'26 17 2,500 Metrics definitions and calculations"Engaged visit" is a calculated metric defined as visits * (1-bounce rate), where bounce rate is defined as the percentage of visitors who enter a site and leave aftervisiting only one page. "Total page views"is defined as the average number of page views across all Beat trendanalysis makes us morepositive onProductrevenue accelerationpotential The same F4Q 2.4% beat in F1Q implies 30% growth, that's pretty goodOur analysis on the historical beat trend is making us more positive on the potential for Productrevenuegrowthto accelerate inF1Q27.If themagnitudeof the Product revenuebeat is the same as F4Q26, this would imply Product revenue growth of +29.9% y/y,essentially the sameas F4Q26 at 30.0%.Given the Product revenuebeatmagnitudeoverthelastfouryearshasneverbeenlowerthan2.3%(F1Q23),wedon'tthinkitwillcompress further and 30% Product revenue growth in F1Q27 is possible. Consistent guidance methodology means a 3.0% beat isn't baked in We note that the management team guides based on the most recent usage trends andit has been reiterated that the met